How long can a panel exist?
It is up to the agency setting up the panel to determine the length of a panel arrangement, although there should be a definite end date. It is good practice not to set a long term contractual arrangement, but rather set a medium term duration with an option to extend for an additional set period. This allows the agency to return to the market if its requirements change or if there are significant changes in the market during the period of the panel. The length of a panel arrangement usually depends on the types of property or services the panel has been set up to provide. Many panels have a duration of three (3) years, with either one two (2) year or two one (1) year extension options.
